StockMarketWire.com - Brooks Macdonald's total discretionary funds under management rose by 25.9% to £10.5bn in the year to the end of June.

Underlying pre-tax profits were up 18.6% at £18.4m and the group has proposed a final dividend of 26p per share - up 13%. It said this would take the total dividend to 41p per share - up 17.1%.

Chief executive Caroline Connellan said: 'I am encouraged by the strong underlying results we are reporting for the year, with FUM reaching £10.5bn and underlying profitability up by 19%, reflecting the strength of our core offering and relationships.

'We are making progress on the initiatives I outlined in July, to invest in our risk and operational framework and to proactively deal with certain legacy matters.

'In addition, to support the focus on our core business and our drive to improve margins, today we have announced the sale of Braemar Estates, our property management business.

'As we look to the future and build on our success to date, my focus is on positioning the business to capture the significant growth opportunities open to us.

'We will continue to enhance the services we offer and improve business efficiency while responding to the rapidly changing competitive and regulatory environment, and the increasing influence of technology.

'I am confident that these actions will result in a much stronger platform to deliver sustainable long-term growth, upholding our commitment to protect our clients' best interests and supporting our relationships with key intermediaries.

'We have started our new financial year with positive momentum and look forward with confidence, notwithstanding our relative caution around markets and client sentiment.'

Separately, the group said it had agreed the sale of its property management business Braemar Estates (Residential) to Rendall & Rittner for £1.9m on a cash free, debt free basis.

It said the consideration would be paid in three tranches with an initial 50% to be paid upon completion of the disposal (which was anticipated by the end of 2017 following a TUPE consultation), and the remainder deferred, payable over a two-year period from the completion date.






At 9:45am: [LON:BRK] Brooks Macdonald Group PLC share price was +60p at 2162.5p



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